A crucial step to safeguarding your brand and preventing unauthorized use of your name or emblem is trademarking your company name. Depending on the type of trademark you want to register and the number of classes you want to file for in Illinois, the fee to trademark a name varies. The United States Patent and Trademark Office (USPTO) charges $250 per class of goods or services as the base fee for filing a trademark application. This cost only covers the initial application; further costs might be necessary if your trademark faces opposition or legal trouble.
The Illinois Secretary of State will require additional payments if you want to register your trademark there. A trademark registration in Illinois costs $10 for a paper application and $5 for an electronic one. However, this cost just covers the state of Illinois’s registration of your trademark; it does not grant you any legal protection. You must register your trademark with the USPTO in order to receive legal protection for it.
You might also need to register your trademark in Illinois in addition to getting an EIN number for your company. The Internal Revenue Service (IRS) issues firms with an EIN number, a special nine-digit identifier used for tax purposes. On the IRS website, you can get an EIN number for free in Illinois.
You might be unsure if you require a business license if you have an LLC in Illinois. The response is based on the specifics of your company. Some businesses in Illinois need a license or permit to run, while others do not. For instance, you’ll probably require a business license if you own a restaurant or a store. However, you might not need a license if you offer consultancy services or sell goods online. It is crucial to visit the website of the Illinois Department of Commerce and Economic Opportunity to see if your company needs a license.
Finally, you might be curious about how to use your LLC to pay yourself. As an LLC owner, you have the option of paying yourself a salary or receiving distributions from the company’s earnings. You will need to set up a payroll system, subtract taxes, and cover other payroll costs if you decide to pay yourself a salary. You can withdraw money from the company’s profits if you take distributions, but you’ll have to pay taxes on them.
In conclusion, a number of variables, including the type of trademark and the quantity of classes, affect the cost of trademarking a name in Illinois. The cost of obtaining an EIN number and the requirement for a business license are determined on the nature of your enterprise. You can pay yourself a salary or get distributions from the company’s revenues in Illinois if you have an LLC. To ensure compliance with all legal and tax laws, it is crucial to speak with a lawyer or tax expert.
The disadvantage of an LLC (Limited Liability Company) is that, in comparison to other business forms like sole proprietorship or partnership, it may have greater creation and maintenance fees. Additionally, LLCs may have more complicated tax filing obligations, and in some states, LLC owners’ personal assets may still be at danger in the event that the company is subjected to certain legal proceedings.